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Korea Experiencing Record Low Gas Prices

kpride, Jan. 14, 2015, 11:22 a.m.

Gasoline prices in Seoul are set to fall below W1,600 thanks to the continued decline in global oil prices (US$1=W1,084). The Korea National Oil Corporation said the average price of gasoline in the capital stood at W1,605 per liter as of 5 p.m. Tuesday and will drop below W1,600 on Wednesday.

Domestic refiners decided to reduce the price of gasoline by around W50 per liter to reflect plunging international oil prices, according to KNOC. Average gasoline prices nationwide have already dropped to less than W1,600 per liter.

Meanwhile, the price of Dubai crude fell by US$1.74 per barrel on Monday. Dubai crude prices fell from $75 a barrel on Nov. 27 of last year, when OPEC announced it would not cut output, to below $50 on Jan. 6 and even further to $45 on Monday. Analysts expect crude price to fall further.